FCPT Announces Disposition of an Outback Steakhouse Restaurant Property for $5.1 million

▤ Summary

The property is located in New Mexico and is operated by Out West Restaurant Group, Inc., a franchisee of Outback Steakhouse. FCPT anticipates redeploying the proceeds from this transaction through an Internal Revenue Code Section 1031 like-kind exchange (“1031-Exchange”). As a result, net cash proceeds from the sale will be held in an escrow account until one or more properties are purchased through the 1031-Exchange. FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.

▦ Linked Companies